GeneDx Holdings Corp. $WGS Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC lessened its holdings in shares of GeneDx Holdings Corp. (NASDAQ:WGS) by 56.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 357,302 shares of the company’s stock after selling 463,221 shares during the period. Fred Alger Management LLC’s holdings in GeneDx were worth $38,496,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brevan Howard Capital Management LP bought a new position in GeneDx in the 3rd quarter worth approximately $560,000. Bank of America Corp DE boosted its position in GeneDx by 5.3% during the 3rd quarter. Bank of America Corp DE now owns 164,545 shares of the company’s stock worth $17,728,000 after acquiring an additional 8,319 shares during the period. Boothbay Fund Management LLC acquired a new position in GeneDx during the 3rd quarter worth $476,000. Creative Planning bought a new position in shares of GeneDx in the third quarter worth $327,000. Finally, Zacks Investment Management acquired a new position in shares of GeneDx during the third quarter valued at $1,758,000. 61.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at GeneDx

In other GeneDx news, Director Keith A. Meister acquired 140,026 shares of GeneDx stock in a transaction dated Thursday, March 5th. The stock was bought at an average price of $81.19 per share, for a total transaction of $11,368,710.94. Following the transaction, the director owned 3,228,150 shares in the company, valued at approximately $262,093,498.50. This trade represents a 4.53% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Katherine Stueland sold 25,459 shares of GeneDx stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $78.61, for a total transaction of $2,001,331.99. Following the completion of the transaction, the chief executive officer directly owned 38,683 shares in the company, valued at $3,040,870.63. This represents a 39.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 57,702 shares of company stock valued at $5,640,255 over the last 90 days. Insiders own 29.60% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Piper Sandler restated an “overweight” rating and set a $130.00 price objective (down from $160.00) on shares of GeneDx in a research note on Tuesday, February 24th. Weiss Ratings reissued a “sell (d)” rating on shares of GeneDx in a research note on Wednesday, January 21st. Zacks Research upgraded shares of GeneDx from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 25th. BTIG Research reduced their price target on shares of GeneDx from $200.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, February 24th. Finally, Wells Fargo & Company upgraded shares of GeneDx from an “equal weight” rating to an “overweight” rating and set a $155.00 price objective for the company in a report on Monday, February 9th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $150.71.

GeneDx Stock Up 1.2%

WGS opened at $77.78 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.34 and a current ratio of 2.46. The company has a market capitalization of $2.28 billion, a PE ratio of -103.71 and a beta of 2.03. The stock’s fifty day moving average is $96.27 and its 200-day moving average is $120.75. GeneDx Holdings Corp. has a one year low of $55.17 and a one year high of $170.87.

GeneDx (NASDAQ:WGS) last announced its earnings results on Monday, February 23rd. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.03. The business had revenue of $120.99 million during the quarter, compared to analysts’ expectations of $120.80 million. GeneDx had a positive return on equity of 14.73% and a negative net margin of 4.92%. On average, equities analysts predict that GeneDx Holdings Corp. will post 0.97 EPS for the current fiscal year.

GeneDx Profile

GeneDx is a clinical diagnostics company specializing in comprehensive genetic and genomic testing for rare and inherited disorders. The company offers a broad portfolio of assays, including targeted gene panels, whole exome sequencing, whole genome sequencing and chromosomal microarray analysis. GeneDx’s laboratory services support the diagnosis of a wide range of conditions—from rare pediatric diseases and hereditary cancer syndromes to neuromuscular and metabolic disorders—by providing clinicians with detailed variant interpretation and reporting.

Founded in 2000 and based in Gaithersburg, Maryland, GeneDx was established with the aim of accelerating the translation of genomic discoveries into clinical care.